is also reflected in certain property law cases, in which rather formalistic reasoning is used to maintain the underlying principles of and the policies behind the new Civil Code. Of course it is understandable that the Supreme Court is extremely hesitant to go against such policies and principles only a few years after a new Civil Code entered into force and after a prolonged and at times heated political debate. However, that changes in Dutch property law are really necessary can be seen clearly when we look at the re-codification process in the Netherlands Antilles and aruba 5. No return to strict civil law in the Netherlands antilles and aruba As already remarked above, the major changes resulting from the re-codification in the Netherlands made it necessary to re-cod ify civil and commercial law in the Netherlands Antilles and Aruba. In that process, the first experiences in the Netherlands could be taken into account. Also. local cond itions are d ifferent The Netherlands antilles and aruba are Caribbean islands with a large offshore financial industry and contacts with the United States are intense. Financial institutions were afraid that the policy changes in the area of property law that characterised the new NCC might result in legal insecurity and might jeopardise their business prospects. This led to a dualist approach regard ing the principles underlying and the policies behind the re-cod ified property law. 42 First of all, ownership can still be used for security purposes. This applies both to transfer of ownership for security purposes and to retention of title, which can still be used broadly. 43 In other words, Book 3, Article 84 of the NACC and the acc does not contain a fiducia ban. As far as the assignment of claims is concerned, Book 3, Article 94(1)of the NACC and the acc gives the same provision as the correspond ing article of the ncC However, Book 3, Article 943)of the NACC and the acc provides the following exception The assignment of a claim mentioned in paragraph(1)for the purpose of securing payment of a money claim does not require notification thereof, provided that the right in question already exists at the time of the assignment or will be directly acquired pursuant to a juridical relationship already existing at that In this way, the transfer(assignment)of ownership for security purposes is still possible exactly the same way as under the old Civil Code. Assignment is complete after the deed of assignment has been signed. The debtor of the assigned claim who pays the assignor in good faith is protected against any claim for payment by the assignee Secondly, non-possessory pled ges also are allowed, but with even fewer requirements than under the new NCC. As stated above, Book 3, Articles 237 and 239 of the NCC require that the deed by which the non-possessory pledge is created is either in authentic(notarial) The texts of the new codes can be found in M K M. Dewaerheijt, Het Arubaans en Nederlands Antilliaans Nieunw Burgerlijk Wetboek. Wetteksten Boeken 3, 5 en 6(The Hague: Boom Juridische uitgevers, 2001). For a brief comment, comparing the laws of the Netherlands Antilles and Aruba with Dutch law, see G.C. van Daaland A.J. Winter, Het andere Antilliaanse vermogensrecht. De verschillen tussen het Antilliaanse en het Nederlandse vermogensrecht geduid (The Hague: Boom Juridische uit gevers, 2001) 43 Cf Book 3. Articles 84 and 92 of the nacc and the acc My translation11 is also reflected in certain property law cases, in which rather formalistic reasoning is used to maintain the underlying principles of and the policies behind the new Civil Code. Of course it is understandable that the Supreme Court is extremely hesitant to go against such policies and principles only a few years after a new Civil Code entered into force and after a prolonged and at times heated political debate. However, that changes in Dutch property law are really necessary can be seen clearly when we look at the re-codification process in the Netherlands Antilles and Aruba. 5. No return to strict civil law in the Netherlands Antilles and Aruba As already remarked above, the major changes resulting from the re-codification in the Netherlands made it necessary to re-codify civil and commercial law in the Netherlands Antilles and Aruba. In that process, the first experiences in the Netherlands could be taken into account. Also, local conditions are different. The Netherlands Antilles and Aruba are Caribbean islands with a large offshore financial industry and contacts with the United States are intense. Financial institutions were afraid that the policy changes in the area of property law that characterised the new NCC might result in legal insecurity and might jeopardise their business prospects. This led to a dualist approach regarding the principles underlying and the policies behind the re-codified property law.42 First of all, ownership can still be used for security purposes. This applies both to transfer of ownership for security purposes and to retention of title, which can still be used broadly.43 In other words, Book 3, Article 84 of the NACC and the ACC does not contain a fiducia ban. As far as the assignment of claims is concerned, Book 3, Article 94(1) of the NACC and the ACC gives the same provision as the corresponding article of the NCC. However, Book 3, Article 94(3) of the NACC and the ACC provides the following exception: The assignment of a claim mentioned in paragraph (1) for the purpose of securing payment of a money claim does not require notification thereof, provided that the right in question already exists at the time of the assignment or will be directly acquired pursuant to a juridical relationship already existing at that time.44 In this way, the transfer (assignment) of ownership for security purposes is still possible in exactly the same way as under the old Civil Code. Assignment is complete after the deed of assignment has been signed. The debtor of the assigned claim who pays the assignor in good faith is protected against any claim for payment by the assignee. Secondly, non-possessory pledges also are allowed, but with even fewer requirements than under the new NCC. As stated above, Book 3, Articles 237 and 239 of the NCC require that the deed by which the non-possessory pledge is created is either in authentic (notarial) 42 The texts of the new codes can be found in M.K.M. Dewaerheijt, Het Arubaans en Nederlands￾Antilliaans Nieuw Burgerlijk Wetboek. Wetteksten Boeken 3, 5 en 6 (The Hague: Boom Juridische uitgevers, 2001). For a brief comment, comparing the laws of the Netherlands Antilles and Aruba with Dutch law, see G.C. van Daal and A.J. Winter, Het andere Antilliaanse vermogensrecht. De verschillen tussen het Antilliaanse en het Nederlandse vermogensrecht geduid (The Hague: Boom Juridische uitgevers, 2001). 43 Cf. Book 3, Articles 84 and 92 of the NACC and the ACC. 44 My translation